What is COAF?
COAF (or COAF Plano TX) is a credit report code that stands for Capital One Auto Finance. COAF may be on your credit report as a hard inquiry. This happens when you apply for auto financing through Capital One.
‘Cap one auto’ and ‘capital one auto fin’ are also codes referring to Capital One Auto Finance.
The Difference Between Hard and Soft Inquiries
What is a hard inquiry?
A hard credit inquiry happens when you apply for new credit, and the lender or creditor checks your credit report to determine your creditworthiness. Examples of situations where a hard inquiry might occur include applying for a mortgage, apartment, car loan, credit card, insurance policy, or even a job application.
Hard inquiries can lower your credit score by a few points, but too many in a short period can cause significant damage to your credit score.
What is a soft inquiry?
A soft credit inquiry, on the other hand, occurs when a creditor checks your credit history without your permission. For example, when a credit card issuer or lender prequalifies you for an offer or an existing creditor monitors your current credit situation. Unlike hard inquiries, soft inquiries do not impact your credit scores.
How long do hard inquiries stay on your credit report?
Hard inquiries remain on your credit report for up to two years, regardless of whether you are approved for the auto loan. Each inquiry is recorded by one or more of the three major credit reporting agencies: Equifax, Experian, and TransUnion.
Dealing with Unauthorized Inquiries
If you find a COAF hard inquiry on your credit report that you don’t recognize or are certain you didn’t initiate, take the following steps:
- Contact Capital One Auto Finance and inquire about the unauthorized inquiry. The creditor’s name should be listed under the hard inquiry section on your credit report.
- Dispute the unauthorized inquiry with the three major credit bureaus, Equifax, Experian, and TransUnion.
COAF Contact Information
Capital One Auto Finance
8050 Dominion Pkwy
Plano, TX 75024
Phone number: (800) 946-0332
Can COAF be removed from my credit report?
Credit Saint, a credit repair company with years of experience, specializes in removing COAF inquiries and other negative inaccurate marks from your credit report. They can also help you dispute and potentially remove the following items from your credit report:
- late payments
- charge offs
Start Repairing Your Credit Today
If you’re looking for a reputable credit repair company to help you improve your credit, consider working with Credit Saint. They have successfully helped many people in similar situations.
Visit their website and fill out the form to see how they can assist you in repairing your credit and securing a brighter financial future.
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